Highlights of spending package’s tax law changes The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. The agreement on the spending package also includes…
If you pay an individual (who is not an employee) or partnership for “services” rendered and the amount paid for the year is $600 or more, you must file an information return, Form 1099-MISC, with the IRS and provide a copy to the individual. Form 1099s are required to be filed and distributed by January…
With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable giving could potentially enhance your ability to give and should…
Form 1099-MISC is due to vendors by Jan. 31 for payments made the preceding year to non-corporate independent contractors. The IRS requires form W-9 to be completed before any payment is made to a vendor. Businesses do NOT have to issue a 1099 to any vendor that indicates on the Form W-9 that they are…
As we face the last quarter of 2019, SIMA continues its commitment of informing our clients of new and existing laws that are relevant to them. Further, we strive to be proactive in reducing your business and personal tax liabilities. The planning guide below is designed to support our clients and assist you with the…
The IRS continues to encourage taxpayers to review the amount of tax they have withheld to avoid an unexpected tax surprise when they file their 2019 tax returns next year. Preliminary 2018 tax filing data seems to show the need for taxpayers to review their withholding in order to make sure the appropriate amount of…
WASHINGTON — Buying a home? Working a summer job? Volunteering? Activities that are common in the summer often qualify for tax credits or deductions. And, while summertime and part-time workers may not earn enough to owe federal income tax, they should remember to file a return to get a refund for taxes withheld early next…
IR-2019-104, June 5, 2019 WASHINGTON – Although the April filing deadline has passed, scam artists remain hard at work, and the IRS today urged taxpayers to be on the lookout for a spring surge of evolving phishing emails and telephone scams. The IRS is seeing signs of two new variations of tax-related scams. One involves…
The Tax Cuts and Jobs Act (TCJA), which passed in December 2017, made fundamental changes to the U.S. tax code, and 2018 returns were the first time most taxpayers could see the practical impact of these changes. In an April 2019 Gallup poll, 43% of Americans said they were unsure how the new tax law…
A tax credit for wages paid to employees taking FMLA leave may generally be taken by employers who have a written paid family and medical leave policy that: Provides all qualifying full-time employees—employees who have been employed for a year or more and who had compensation of not more than $72,000 in the preceding year—at…
